Before discussing what a probate loan is, it's important to first understand the process of probate. Probate is a legal process in which the ownership of assets of a deceased person is transferred to his heirs or beneficiaries. Because of how it is presented in the media, many people think that the concept of a last will and testament or estate is easy. They are mistaken. Although it is fairly easy to understand, there are complexities people should know about.
The property of the deceased person is called an "estate." An estate may include things such as personal belongings, real estate, bank accounts, and other properties. If the person who passed away came up with a will prior to death, this person is called the "testator." The estate of a person who dies with a will becomes a "testate estate." In cases where a will is prepared by the deceased, the estate is called an "in testate estate." If a will is present, it will most likely identify a single person who carries out the bequests of the deceased. This person is called the "executor."
In short, the probate process involves the verification of assets. The court verifies whether the deceased has any debt or other problem that needs addressing.
Once an estate goes into probate, beneficiaries can take one of three steps. First, they can wait out the entire probate process. The length of the process varies depending on the size of the estate. In most cases, the process takes at least six months. If an heir wants to claim his or her inheritance immediately, they can, but this process will most likely involve large fees and heavy taxes. The third and most ideal option is to get a probate advance.
What is a probate advance/loan?
A probate loan is more like a cash advance than a loan. A beneficiary won't be personally responsible for paying back what is advanced. The pay return process will be left up to the estate. Basically, instead of waiting, beneficiaries advance what they stand to inherit and transfer the waiting process to their funding source.
What are the eligibility requirements?
Requirements vary according to lenders. However, the basic requirements include the following: First, there has to be an estate. Second, the applicant must be a beneficiary or heir of the estate. Lenders require those who seek loans to present supporting documents to prove that they are heir to or will benefit from the estate.
The last basic requirement is that the estate has to be in probate.
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